Citi Selected to provide Back Office Services for the European Stability Mechanism (ESM)

Citi Selected to provide Back Office Services for the European Stability
Mechanism (ESM)
Business Wire
LONDON & LUXEMBOURG -- February 19, 2013
Citi has been selected by the European Stability Mechanism to provide back
office services for the investment mandate from EU reaching up to EUR 80bn
assets. Citi’s solution brings together its global scale in products and
geography with deep understanding of underlying markets and culture of
innovation.
"One of ESM’s most important requirements was time to market with an optimal
operating model. A number of Citi divisions collaborated to develop and launch
this mandate," said Dirk Jones, Global Head of Securities Funds Services
Client Sales Management. "Citi was able to quickly design and implement a
solution with the breadth and depth necessary to meet all of the ESM’s needs
under very demanding deadlines."
The European Stability Mechanism is a permanent crisis resolution mechanism
for the countries of the euro area. Its mandate is to finance loans and other
forms of financial assistance to euro area Member States. An intergovernmental
organization, its shareholders are the 17 euro area Member States. ESM has a
total subscribed capital of €700 billion, including paid-in capital of €80
billion, and an effective lending capacity of €500 billion.
"Citi is proud to support ESM as a key institution that aims to enable ongoing
financial stability in Europe", said P. Freddy Boom, Head of the Public Sector
Group, Europe Middle East & Africa.
Citi OpenInvestor is the investment services solution for today’s diversified
investor that combines specialized expertise, comprehensive capabilities and
the power of Citi’s global network to help clients meet performance objectives
across asset classes, strategies and geographies. Citi OpenInvestor provides
institutional, alternative and wealth managers with middle-office, fund
services, custody, and investing and financing solutions that are focused on
their specific challenges and customized to their individual needs. For more
information, visit openinvestor.transactionservices.citi.com.
About Citi Transaction Services
Citi Transaction Services, a division of Citi’s Institutional Clients Group,
offers integrated cash management, trade, and securities and fund services to
multinational corporations, financial institutions and public sector
organizations around the world. With a network that spans more than 95
countries, Citi’s Transaction Services supports over 65,000 clients. As of the
fourth quarter of 2012, it held on average $428 billion in liability balances
and $13.2 trillion in assets under custody.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
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Contact:
Media Contacts:
London:
Amy Cayzer
Tel: +44 (0)20 7508 3082
Email: amy.cayzer@citi.com
or
Luxembourg:
Lars Seynaeve
Tel: +32 (0) 2 626 54 27
Email: lars.seynaeve@citi.com